Principal Financial Group Inc. Has $7.61 Million Stock Holdings in Westamerica Bancorporation (NASDAQ:WABC)

Principal Financial Group Inc. raised its holdings in Westamerica Bancorporation (NASDAQ:WABC - Free Report) by 3.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 150,220 shares of the financial services provider's stock after purchasing an additional 5,356 shares during the period. Principal Financial Group Inc. owned about 0.56% of Westamerica Bancorporation worth $7,606,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. GAMMA Investing LLC lifted its position in shares of Westamerica Bancorporation by 4,946.6% in the first quarter. GAMMA Investing LLC now owns 109,310 shares of the financial services provider's stock valued at $5,534,000 after acquiring an additional 107,144 shares in the last quarter. Invenomic Capital Management LP purchased a new position in Westamerica Bancorporation in the 4th quarter worth approximately $5,437,000. Raymond James Financial Inc. purchased a new position in Westamerica Bancorporation during the fourth quarter worth approximately $3,647,000. Norges Bank acquired a new position in Westamerica Bancorporation in the 4th quarter valued at about $3,564,000. Finally, JPMorgan Chase & Co. increased its stake in Westamerica Bancorporation by 74.7% during the fourth quarter. JPMorgan Chase & Co. now owns 142,330 shares of the financial services provider's stock worth $7,467,000 after purchasing an additional 60,871 shares during the period. 81.89% of the stock is owned by institutional investors and hedge funds.

Westamerica Bancorporation Price Performance

Westamerica Bancorporation stock traded up $0.06 during midday trading on Thursday, hitting $50.84. 33,870 shares of the stock were exchanged, compared to its average volume of 153,169. The company has a 50 day moving average price of $49.04 and a two-hundred day moving average price of $49.52. The firm has a market cap of $1.33 billion, a P/E ratio of 10.19 and a beta of 0.64. Westamerica Bancorporation has a 1 year low of $42.00 and a 1 year high of $59.97.

Westamerica Bancorporation (NASDAQ:WABC - Get Free Report) last announced its earnings results on Thursday, July 17th. The financial services provider reported $1.12 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.11 by $0.01. Westamerica Bancorporation had a return on equity of 14.95% and a net margin of 44.10%. As a group, analysts predict that Westamerica Bancorporation will post 4.35 EPS for the current year.

Westamerica Bancorporation Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 16th. Investors of record on Monday, May 5th were issued a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a dividend yield of 3.62%. This is a boost from Westamerica Bancorporation's previous quarterly dividend of $0.44. The ex-dividend date of this dividend was Monday, May 5th. Westamerica Bancorporation's payout ratio is presently 36.87%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on WABC. Keefe, Bruyette & Woods dropped their price target on Westamerica Bancorporation from $58.00 to $55.00 and set a "market perform" rating on the stock in a research note on Monday, April 21st. Wall Street Zen upgraded Westamerica Bancorporation from a "sell" rating to a "hold" rating in a report on Friday, June 27th. Finally, Piper Sandler dropped their price target on shares of Westamerica Bancorporation from $54.00 to $50.00 and set a "neutral" rating for the company in a research report on Monday, April 21st.

Insiders Place Their Bets

In other Westamerica Bancorporation news, SVP Robert James Baker, Jr. sold 710 shares of the business's stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $48.16, for a total transaction of $34,193.60. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP John A. Thorson sold 2,243 shares of the company's stock in a transaction dated Monday, April 28th. The shares were sold at an average price of $48.57, for a total value of $108,942.51. Following the completion of the transaction, the senior vice president owned 11,591 shares in the company, valued at $562,974.87. This represents a 16.21% decrease in their position. The disclosure for this sale can be found here. 5.30% of the stock is owned by insiders.

Westamerica Bancorporation Company Profile

Westamerica Bancorporation operates as a bank holding company for the Westamerica Bank that provides various banking products and services to individual and commercial customers. The company accepts various deposit products, including retail savings and checking accounts, as well as certificates of deposit.